Podcast
Questions and Answers
What forms a ‘cost account’ in project management?
What forms a ‘cost account’ in project management?
- Task durations
- Resources allocation
- A Gantt chart
- One or more work packages (correct)
A Gantt chart is used to show the relationship between project costs and work packages.
A Gantt chart is used to show the relationship between project costs and work packages.
False (B)
What do you need to create a Gantt chart?
What do you need to create a Gantt chart?
Project tasks, precedence relationships, expected duration of tasks
The _______ relationship between tasks is necessary for creating a Gantt chart.
The _______ relationship between tasks is necessary for creating a Gantt chart.
Match the following components with their respective definitions:
Match the following components with their respective definitions:
Which component is NOT typically included in a cost account?
Which component is NOT typically included in a cost account?
Work packages can only be associated with a single cost account.
Work packages can only be associated with a single cost account.
What is the primary use of a Gantt chart in project management?
What is the primary use of a Gantt chart in project management?
In a Gantt chart, the length of the bar represents the _______ of each task.
In a Gantt chart, the length of the bar represents the _______ of each task.
Which aspect is critical for determining the sequence of tasks in a Gantt chart?
Which aspect is critical for determining the sequence of tasks in a Gantt chart?
What defines a project?
What defines a project?
A project has an infinite life span.
A project has an infinite life span.
What are the key components of a project proposal?
What are the key components of a project proposal?
The _____ describes what is to be provided in the project.
The _____ describes what is to be provided in the project.
Match the project planning tools with their descriptions:
Match the project planning tools with their descriptions:
During the preproposal phase, which question is NOT typically considered?
During the preproposal phase, which question is NOT typically considered?
The Work Breakdown Structure (WBS) is a representation of tasks organized by product outcome.
The Work Breakdown Structure (WBS) is a representation of tasks organized by product outcome.
What is a milestone schedule used for in project planning?
What is a milestone schedule used for in project planning?
End-items are the _____ to be delivered at the end of a project.
End-items are the _____ to be delivered at the end of a project.
What helps in tracking the work controlled within a project?
What helps in tracking the work controlled within a project?
What is the main goal of using the Critical Path Method (CPM)?
What is the main goal of using the Critical Path Method (CPM)?
In a CPM analysis, it is permissible to have loops.
In a CPM analysis, it is permissible to have loops.
Name the three time estimates required by PERT for an activity.
Name the three time estimates required by PERT for an activity.
The Critical Path Method requires that there be a single ______ and a single ______.
The Critical Path Method requires that there be a single ______ and a single ______.
Match the following components of CPM with their descriptions:
Match the following components of CPM with their descriptions:
Which of the following represents the standard deviation formula in PERT?
Which of the following represents the standard deviation formula in PERT?
Expected time for an entire project in PERT only considers the activities on the critical path.
Expected time for an entire project in PERT only considers the activities on the critical path.
What is the formula to calculate the expected time (te) in PERT?
What is the formula to calculate the expected time (te) in PERT?
The ______ of an activity in PERT denotes the minimum time needed for activity completion.
The ______ of an activity in PERT denotes the minimum time needed for activity completion.
Which activity was the predecessor of activity D in the example provided?
Which activity was the predecessor of activity D in the example provided?
Flashcards
What is a Project?
What is a Project?
A collection of tasks aimed at a single set of objectives, culminating in a definable end point, and having a finite life span.
Another definition of a Project
Another definition of a Project
A one-of-a-kind activity, aimed at producing some product or outcome that has never existed before.
Project Proposal Process
Project Proposal Process
A detailed description outlining what is to be accomplished, the required time, and the necessary resources.
Preproposal
Preproposal
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Proposal
Proposal
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Statement of Work (SOW)
Statement of Work (SOW)
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Milestone Schedule
Milestone Schedule
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Work Breakdown Structure (WBS)
Work Breakdown Structure (WBS)
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End-Item
End-Item
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Work Package
Work Package
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Cost Account
Cost Account
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Gantt Chart
Gantt Chart
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Precedence Relationship
Precedence Relationship
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Task Duration
Task Duration
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Activity
Activity
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Event
Event
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Critical Path
Critical Path
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Duration
Duration
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Earliest Start Date
Earliest Start Date
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Latest Finish Date
Latest Finish Date
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Slack/Float
Slack/Float
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PERT (Program Evaluation and Review Technique)
PERT (Program Evaluation and Review Technique)
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Most Likely Time (m)
Most Likely Time (m)
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Expected Time (te)
Expected Time (te)
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Study Notes
Project Planning and Acquisition
- Project Definition: A project is a collection of tasks aimed at specific objectives, with a defined end point and finite lifespan. It's a unique activity resulting in a new product or outcome.
Project Proposal Process
- Proposal Content: A proposal includes a detailed description of the project's goals, required time, and resources needed.
- Preproposal Considerations: Key factors in deciding whether to bid on a project include: project opportunity, bidding capability, availability of necessary resources (human and material), and project alignment with overall needs.
Project Planning Tools
- Statement of Work (SOW): Defines the project's deliverables, tasks, and required reports, providing a detailed outline of the work to be performed.
- Milestone Schedule: Outlines key project stages or phases, including the tasks, people, and resources involved in each milestone to structure the project plan. This aids in developing a detailed project plan.
- Work Breakdown Structure (WBS): A hierarchical breakdown of project work, showing a level-by-level subdivision of tasks necessary to complete a contract.
- Gantt Charts: Useful for scheduling tasks and activities, illustrating precedence relationships and expected task durations.
Network Scheduling Systems (CPM)
- Critical Path Method (CPM): A network scheduling system designed to determine the critical path (longest sequence of tasks affecting project duration).
Program Evaluation Review Technique (PERT)
- Variable Duration: PERT treats activity duration as a variable, considering optimism, likelihood, and pessimism when estimating activity time.
- Time Estimation: Using different time estimates (optimistic, most likely, pessimistic), calculated expected time and standard deviation for activities.
Other Project Management Tools
- Precedence Diagramming Method (PDM): Similar to CPM but accounting for potential time delays like "finish-to-start (FS)," "start to start (SS)," and "finish to finish (FF.)" PDM allows specification of a delay between activities.
- Graphical Evaluation and Review Technique (GERT): Provides a graphical representation of a project with uncertain or probabilistic activity outcomes, including multiple possible paths for an activity.
- Resource Allocation: Allocate resources based on project tasks needing resources and their availability, possibly utilizing slack time. This can involve resource allocation decisions.
Types of Contracts
- Fixed Price Contracts: Define a set price for the project, motivating the contractor to minimize waste.
- Cost Type Contracts: Payment is based on the actual costs incurred during the project, ensuring the owner covers the project costs. There are variations to both contracts.
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Description
Explore key concepts in project planning and acquisition with this quiz. You'll learn about project definitions, proposal content, and essential planning tools like the Statement of Work and Milestone Schedule. Test your understanding and enhance your project management skills.
